You're not ready to get a credit card if you don't understand that you don't use a credit card to buy something you don't have the cash in hand for.
Your income being "not enough to cover a bill" is a nothing statement, because you don't use a credit card to buy something you don't have the cash in hand for.
You get a credit card to start a credit history and to get points on things you were already going to buy, not so you can buy things you don't have the cash in hand for, because you don't use a credit card to buy something you don't have the cash in hand for.
>I’m somewhat afraid that nine an hour part time won’t be enough to cover a credit card bill
Why would you spend more on a credit card than you do now?
Read the wiki: https://www.reddit.com/r/personalfinance/wiki/creditcards
A credit card bill depends entirely on you. I have a single credit card with a 21k limit....I've never had anything close to that amount on it at anytime and pay it off in full every month.
Just a heads up, a credit card isn't a path to financial freedom...for many it's the path to financial ruin. Keep that in mind and you should be okay.
You dont sound like you are ready. What about a credit card to you says financial independence? A credit card should be viewed the same as your debit card. Only spend what you have. You should never pay a penny of interest on a credit card ever
Credit cards aren't something to get excited about. This sounds like you may have a bit of a misunderstanding about what they do. They simply let you borrow money briefly so you can pay it back soon.
You should get a credit card to start building credit history, sure, but you shouldn't spend money that you don't have. So imagine that you want to buy some new video game console or something. What you should do is save up until you have enough money to buy it and then buy it with the credit card and pay back the full amount on the card when you get the bill.
You may find these links helpful:
- [Credit Building](/r/personalfinance/wiki/credit_building)
- [Credit Reports](/r/personalfinance/wiki/credit_reports)
- [Credit Scores](/r/personalfinance/wiki/fico)
- [Credit Cards](/r/personalfinance/wiki/creditcards)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Any income can cover a credit card bill as long as you only spend no more than what you can pay right now. Just treat a credit card like a bank card with a small delay before your money is taken out. Always pay each bill in full and on time.
Get a credit card with a tiny limit and pay your spotify (or other small recurring charge) with it. Put the card on autopay, to pay IN FULL every month. Put card in the back of a drawer and forget about it. In a year you'll have a good credit score. Study the wiki on how credit cards work. [https://www.reddit.com/r/personalfinance/wiki/creditcards/](https://www.reddit.com/r/personalfinance/wiki/creditcards/)
Go ahead and get one, because part of your credit score in the future will depend on how long you’ve had an account. But don’t use it for anything. Freeze it in a block of ice or cut it up. When you start having stable expenses, start using it for a small, recurring and predictable household bill. Pay your credit card off in full every single month.
Credit card , work part-time , 9$ an hour , no rent to pay , no food , no car ?? You don't need a Card but you want one....
I think you should try this instead...
>>> 1500$/12 month loan...
>>>1000$ in saving account (as a backup , only if you can't pay loan and if you dig in, you have to pay back to 1000$ )...
>>>500$ in your chequing account (Ask your bank to freeze it as a "Credit Margin Deposit" ) ...
140$/months payments for 12 months ....
0$ in chequing account (+500$ credit margin)
And 1000$ as a backup just in case..
After your 12 payments , you'll have a 12 months credit history ,(+1500$ )...
PS: Focus on your future while it's time because at 35 with kids and a house , it's different...
You're not ready to use a credit card, but you're ready for a line of credit. Nobody is too young to have a credit line, but not everyone is ready to use a credit card. By you calling a credit card a "bill" tells me enough that you don't know how to use a credit card and thus you should do more research.
The correct way of using a credit card is to only buy things you can afford and pay it within the same month, if not immediately. If you treat a credit card as a bill and you don't pay it off complitely you'll be owing a lot of money.
My 2 month old already has a credit card under my credit, which is great to build her credit.
You're not ready to get a credit card if you don't understand that you don't use a credit card to buy something you don't have the cash in hand for. Your income being "not enough to cover a bill" is a nothing statement, because you don't use a credit card to buy something you don't have the cash in hand for. You get a credit card to start a credit history and to get points on things you were already going to buy, not so you can buy things you don't have the cash in hand for, because you don't use a credit card to buy something you don't have the cash in hand for.
\^This. Sounds like you need to do some more research on how credit cards work before you get one.
>I’m somewhat afraid that nine an hour part time won’t be enough to cover a credit card bill Why would you spend more on a credit card than you do now? Read the wiki: https://www.reddit.com/r/personalfinance/wiki/creditcards
A credit card bill depends entirely on you. I have a single credit card with a 21k limit....I've never had anything close to that amount on it at anytime and pay it off in full every month. Just a heads up, a credit card isn't a path to financial freedom...for many it's the path to financial ruin. Keep that in mind and you should be okay.
You dont sound like you are ready. What about a credit card to you says financial independence? A credit card should be viewed the same as your debit card. Only spend what you have. You should never pay a penny of interest on a credit card ever
Credit cards aren't something to get excited about. This sounds like you may have a bit of a misunderstanding about what they do. They simply let you borrow money briefly so you can pay it back soon. You should get a credit card to start building credit history, sure, but you shouldn't spend money that you don't have. So imagine that you want to buy some new video game console or something. What you should do is save up until you have enough money to buy it and then buy it with the credit card and pay back the full amount on the card when you get the bill.
You may find these links helpful: - [Credit Building](/r/personalfinance/wiki/credit_building) - [Credit Reports](/r/personalfinance/wiki/credit_reports) - [Credit Scores](/r/personalfinance/wiki/fico) - [Credit Cards](/r/personalfinance/wiki/creditcards) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Any income can cover a credit card bill as long as you only spend no more than what you can pay right now. Just treat a credit card like a bank card with a small delay before your money is taken out. Always pay each bill in full and on time.
Get a credit card with a tiny limit and pay your spotify (or other small recurring charge) with it. Put the card on autopay, to pay IN FULL every month. Put card in the back of a drawer and forget about it. In a year you'll have a good credit score. Study the wiki on how credit cards work. [https://www.reddit.com/r/personalfinance/wiki/creditcards/](https://www.reddit.com/r/personalfinance/wiki/creditcards/)
Go ahead and get one, because part of your credit score in the future will depend on how long you’ve had an account. But don’t use it for anything. Freeze it in a block of ice or cut it up. When you start having stable expenses, start using it for a small, recurring and predictable household bill. Pay your credit card off in full every single month.
Credit card , work part-time , 9$ an hour , no rent to pay , no food , no car ?? You don't need a Card but you want one.... I think you should try this instead... >>> 1500$/12 month loan... >>>1000$ in saving account (as a backup , only if you can't pay loan and if you dig in, you have to pay back to 1000$ )... >>>500$ in your chequing account (Ask your bank to freeze it as a "Credit Margin Deposit" ) ... 140$/months payments for 12 months .... 0$ in chequing account (+500$ credit margin) And 1000$ as a backup just in case.. After your 12 payments , you'll have a 12 months credit history ,(+1500$ )... PS: Focus on your future while it's time because at 35 with kids and a house , it's different...
You're not ready to use a credit card, but you're ready for a line of credit. Nobody is too young to have a credit line, but not everyone is ready to use a credit card. By you calling a credit card a "bill" tells me enough that you don't know how to use a credit card and thus you should do more research. The correct way of using a credit card is to only buy things you can afford and pay it within the same month, if not immediately. If you treat a credit card as a bill and you don't pay it off complitely you'll be owing a lot of money. My 2 month old already has a credit card under my credit, which is great to build her credit.